One stock that is persistently overlooked at this point given its history of scandal is Hemp Inc (OTCMKTS:HEMP). But, given the rate of growth projected for the hemp and CBD Oil markets over coming quarters, this might be a bit of a regrettable oversight if things begin to get on track for the company. As is chronically the case for Hemp Inc, the story will come down to politics in the end. And, as a sign of the wind blowing favorably, the company just announced that it is obviously quite in favor of a recent political move in the Show-Me state: it applauds the Missouri Legislature for passing a bill that would legalize hemp.
According to the release, “by a vote of 131 to 6, House Bill 2034 passed Thursday, May 3, after a few amendments were added in the Senate and agreed to by the House members. The bill now goes to Gov. Eric Greitens’ desk. If signed, the bill would become law in August. The bill makes it legal for any person who has received an industrial hemp license to grow, harvest, cultivate and process industrial hemp.”
Hemp Inc (OTCMKTS:HEMP) was founded in 2008. The company has a reputation as one of the more controversial enterprises, even by the standards of either the OTC or the cannabis patch, which certainly paints a picture.
In any case, the company is making strong strides toward reshaping its image as a legitimate emerging leadership play in the industrial hemp space.
Hemp Inc understands its mission to be a provider of “green solutions that help make the world a better place to live. We support products that are eco-friendly, organic, healthy and solutions that replace many petroleum-based products.”
“Hemp Inc.’s wholly owned subsidiary Industrial Hemp Manufacturing, LLC purchased the largest decortication plant in North America, which is located in Spring Hope, North Carolina. The plant is housed in a 70,000,000 square foot warehouse on 9 acres. The company will start producing fiber, loss circulation materials (LCM) and absorbents from kenaf and later from hemp.”
That narrative continues forward to include the concept that “Hemp, Inc. will produce a product for drilling rigs called “lost circulation material” (LCM), which is used for maintaining the seals when drilling for water, oil, gas, and any other liquid or gas. This product alone is capable of producing millions of dollars in revenue since some of the largest oil companies in the world will be our primary customers.”
“Eventually, the company will produce fiber materials for the paper and fabric industries, and other industries that utilize materials from hemp to make products such as plastics, building materials, health and beauty related products and more.” In other words, the concept of “diversified applications for hemp as an industrial material” is the paramount idea.
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“As Hemp, Inc. positions itself on the forefront of America’s industrial hemp revolution, we see our partnership with ‘Veteran Village Kins Community Arizona, Inc.’ being paramount in supporting the small family farm movement that we are confident will reshape the American landscape,” said Perlowin. “As we work toward getting our eco-village up and running in Arizona, we are also aggressively scouting strategic locations in other states including North Carolina, South Carolina, Florida, Georgia, Kentucky, Tennessee and West Virginia. Giving veterans and other Americans a place to learn new skills and take part in this multi-billion-dollar hemp CBD market is very exciting. It’s a big part of our mission to give back.”
We’ve witnessed 19% tacked on to share pricing for the company in the past month. Furthermore, the stock has benefitted from a jump in recent trading volume to the tune of 32% above its longer-run average levels.
At this time, carrying a capital value in the market of $19.2M, HEMP has a bankroll ($386K) of cash on the books, which compares with virtually no total current liabilities. HEMP is pulling in trailing 12-month revenues of $103K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at a sharp pace. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $HEMP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $HEMP, either long or short, and we have not been compensated for this article.